PCI Compliance in the Construction Industry

While this may seem overwhelming, not adhering to PCI standards will open businesses up to a myriad of problems. Noncompliance could result in penalties and fines from credit card companies themselves, totaling up to millions of dollars in financial losses. A resulting data breach brought about by noncompliance could also result in lawsuits and high legal costs. Endangering your customers’ credit card security erodes the relationship you’ve established with your clientele, resulting in loss of business and damage to your reputation. And while cleaning up after a data breach, something that PCI standards guard against, your business will be forced to invest heavily in remediation efforts, like bolstering cybersecurity and providing identity theft protection services to those affected. Construction companies and LBM dealers in particular must safeguard themselves against these potential pitfalls by implementing a few specific measures. All payments on-site or in-store must be PCI compliant, and any information shared during invoicing or purchasing must be similarly protected. Employee training in particular is highly recommended, especially since they will be the ones handling most purchases and could be a main target for potential fraud. Companies must also ensure that any third-party vendors are PCI compliant as well, maintaining a secure environment for all activities pertaining to credit card transactions. PCI compliance may seem daunting, but with the right partnerships and protocols in place, construction companies and LBM dealers can make sure they keep both their and their customers’ data safe. Noncompliance and subsequent data breaches can be costly, for both your company’s finances and reputation. As PCI DSS 4.0’s deadline passes, be sure you've familiarized yourself with any new requirements and safeguarded you and your customers’ future security.